UPDATE: Evergrande Crisis Continues – 1.5 Million Chinese Worry About Their Deposits on Apartments Not Yet Built
We’ve had our eye on Evergrande for weeks as the company with $300 billion in debt related to China real estate is going under. This is a symptom of a property market collapse in China.
Last week we reported on how Evergrande’s solvency issues are now impacting the rich and famous in Hong Kong.
Dollar payments are in trouble as Evergrande has been prioritizing domestic borrowers over foreign (i.e. US) bondholders.
China Evergrande looks to have missed another bond payment.
That’s according to Reuters sources.
They say the ailing property developer missed paying at least some of the $148 million due to overseas creditors on Monday (October 11).
